The European Commission launches infringement proceedings against Italy over its use of the golden power rule in blocking UniCredit’s attempted acquisition of Banco BPM.
The Commission questions the regulation, which grants the Italian government broad authority to review, halt, or condition banking-sector transactions.
Officials argue that the rule, though designed to protect national security, enables unjustified interference that restricts the freedom of establishment and the free movement of capital in the single market.
Concerns Over EU Competences and Government Powers
The Commission warns that Italy’s legislation overlaps with the European Central Bank’s exclusive supervisory powers under the Single Supervisory Mechanism.
Italy now faces a two-month deadline to address the issues raised by the Commission.
Economy minister Giancarlo Giorgetti states that Italy will reply based on the Commission’s assessment and will present a regulatory proposal aimed at resolving the objections.
He expresses confidence that the proposal will clarify responsibilities and create a shared regulatory framework.
UniCredit Withdrawal and Ongoing Legal Efforts
UniCredit’s board abandoned its bid for Banco BPM in July after the government used golden power to block the merger.
The bank argues that government-imposed constraints and timelines blocked dialogue with shareholders and derailed a deal that would have made UniCredit Italy’s largest bank by capitalisation.
UniCredit has since appealed to Italy’s top administrative court over restrictions linked to its bid, including orders to exit Russia by 2026 and to retain its investments in Anima Holding.
